CANADIAN recreational vehicle manufacturer BRP is seeking to buy local boat builder, Telwater, best known for its Quintrex, Stacer, Savage and Yellowfin boat brands.
BRP said in a statement it had entered into a definitive agreement to acquire 80% of the outstanding shares of Telwater. The remaining 20% will be held by company founder and managing director, Paul Phelan, who will remain with the company.
“We are excited to start this new chapter of our journey by joining forces with a global leader like BRP,” said Phelan. “This acquisition means we can continue our growth here and abroad, and leverage BRP’s know-how and capacity to constantly innovate.
“Our local knowledge and expertise will be put to good use by BRP’s Marine Group and we are looking forward to being part of the family.”
Once the intended acquisition is completed, Telwater will join the BRP Marine Group as an independent product line, along with Evinrude outboards, the Alumacraft aluminium boat brand which BRP bought last year, and Manitou pontoons.
“Telwater was especially attractive to us because of our strong existing relationship with them and the passionate people in Coomera, representing a great opportunity to reinforce our presence in Australia,” said José Boisjoli, president and CEO of BRP.
“This is one more piece of the puzzle in our strategy to transform the marine industry and a chance for us to further our goal of becoming a leading global marine company by investing in the current leader in this region.”
Telwater currently manufactures more than 8,000 boats and 5,500 trailers annually, employing over 270 people and with a network of around 180 dealers across Australia and the local region. The company has had a long-standing commercial relationship with Bombardier Recreational Products and, in 2016, took on distribution of Evinrude outboard engines in Australia.
The acquisition remains subject to certain customary closing conditions, including regulatory approval, and is expected to be completed in the second quarter of Bombardier’s fiscal year 2020.
Originally published at: marinebusiness.com.au